Ameresco (AMRC) Tops Q3 EPS by 7c, Revenues Miss; Boosts FY18 EPS Guidance Mid-Point Above Consensus, Maintains FY18 Revenue Guidance

Ameresco (NYSE: AMRC) reported Q3 EPS of $0.23, $0.07 better than the analyst estimate of $0.16. Revenue for the quarter came in at $205.4 million versus the consensus estimate of $208.4 million.

• Revenues of $205.4 million, up 0.3%, year to date of $569.8 million, up 13%
• Net income attributable to common shareholders of $10.7 million, up 26%, year to date of $26.4 million, up 93%
• Net income per diluted share of $0.23, up 21%
• Adjusted EBITDA of $25.6 million, up 23%, year to date of $62.8 million, up 49%
• Non-GAAP EPS of $0.23, up 28%, year to date of $0.58, up 107%
• Project backlog of $2.0 billion, up 18%, and record high contracted backlog of $819.4 million, up 30%
• Added 23MWe and 84MWe, quarter and year to date, of assets to our development pipeline

“We had another strong quarter and continued to build momentum in our business. Gross margin improved materially and profit growth was outstanding,” said George P. Sakellaris, President and Chief Executive Officer of Ameresco. “Our recurring revenue streams, particularly energy sales, drove the margin performance and offset the natural variability in project revenue. Visibility improved yet again, with project backlog growing to over $2 billion and asset development backlog growing to 133MWe. The project business continues to benefit from the trend to larger and more complex projects, which plays to our strength in design, engineering and management. The solid financial performance and growing backlog this quarter reinforces our optimistic outlook for the rest of 2018 and beyond.”

GUIDANCE:

Ameresco sees FY2018 EPS of $0.71-$0.79, versus the consensus of $0.71. Ameresco sees FY2018 revenue of $780-820 million, versus the consensus of $798.9 million.

For earnings history and earnings-related data on Ameresco (AMRC) click here.

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